By Chinwendu Obienyi
Transnational Corporation (Transcorp) of Nigeria Plc has said it wouldcontinue to engage with the Federal Government as well as the Nigerian Bulk Electricity Trading Plc (NBET) in finding a practical solution to the legacy debts owed to its subsidiary; Transcorp Power Limited.
Its Chairman, Board of Directors at Transcorp Plc, Tony Elumelu, disclosed this to shareholders at the company’s 15th Annual General Meeting (AGM) which was held by proxy in Abuja on Monday. Transcorp’s management had, in 2018, noted that they have only been able to receive full payments from the NBET for 2017 invoices, up to July 2017 which meant that payments for subsequent months had fallen short. Data from NBET reveals that in the months of January and February 2018, respective payments to GENCOs amounted to only 12.62 per cent and 42.99 per cent of total invoiced figures for electricity supplied which had led to worry for the company’s shareholders.
However, Elumelu, noted that the company has been doing quite a lot to improve shareholders’ value or wealth and added that it is embarking on several initiatives to ensure the performance of the company will be much better in 2021.
“Towards making sure that 2021 is better than 2020, the Group has been doing quite a lot to improve shareholders’ value or wealth. With regards to Transcorp power limited, we have addressed the gas supply issues and the focus in 2021 is to increase our available capacity taking into consideration the limitations of the country’s transmission’s infrastructure.